Led by CEO David Marcus, former President of PayPal, Lightspark has been chosen by Coinbase, the largest US cryptocurrency exchange, to integrate the Bitcoin Lightning Network into its platform. This integration will empower Coinbase customers to engage in instant and cost-effective Bitcoin transactions.
"Lighting up all Coinbase touchpoints with Lightning" aims to shift more transaction activity to Bitcoin's second layer, thus addressing the recent surge in fees on Bitcoin's base layer, as explained by Lightspark in a post on April 3. Coinbase CEO, Armstrong, previously confirmed plans to integrate Bitcoin Lightning in September, but specific details regarding implementation and timing were not disclosed at the time.
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Lightspark and the Benefit of Lightning Network
Having dedicated nearly two years to developing its platform as a leading entry point to the Lightning Network, Lightspark caters to institutional clients seeking reliable and efficient solutions for Bitcoin transactions. The integration with Coinbase includes Lightspark's advanced tools and services, such as SDKs, APIs, and developer tools, simplifying the implementation and management of Lightning nodes.
A key aspect of the integration is Lightspark's remote-key signing implementation, wherein Coinbase holds the Lightning signing keys while Lightspark hosts the Lightning node. This setup ensures scalability, reliability, and optimization of node infrastructure, allowing Coinbase to prioritize delivering exceptional user experiences without managing the complexities of a large-scale Lightning implementation.
Source: River
According to Bitcoin financial services firm River, the success rate of Lightning payments stands at approximately 99.7%, based on analysis of the 308,000 Lightning transactions initiated on its platform in October of last year.
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